Defeated, Abhisit Quitting the Party Chairman

World News - Prime Minister of Thailand, Abhisit Vejjajiva, announced his resignation as chairman of the Democratic Party on Monday (04/07/2011), while his opponent, Yingluck Shinawatra, certain to become the first woman to become prime minister.

Defeated, Abhisit Quitting the Party Chairman

Yingluck Pheu Thai Party leader dominates the country's general elections, which took place last Sunday. Official results have not been announced, but with more than 90 percent of the votes have been counted as of today, Pheu Thai had won 265 seats of 500 seats in the country's parliament.

Abhisit, previously, has acknowledged his party's defeat.

"When compared with the results of the 2007 election with the election this year, we (only) has a few seats in parliament," the news agency said Abhisit through Thailand, MCOT. "I think that I need to take this responsibility, so today I decided to resign from the position of party leader (Democrat), and I will let the party choose a new leader within 90 days."

Meanwhile, Yingluck ready to become the new prime minister, five years after his brother, former Prime Minister Thaksin Shinawatra, ousted in a military coup. "The first thing I want to do is help the economic situation of the people," said Yingluck Sunday.

Thai stock market value of the country's stock jumped more than three percent, or up 33 points at the opening on Monday following the victory of the Thai Pheu party. According to the Thai election commission, the level of citizen participation in the elections reached more than 70 percent.

Thaksin, brother Yingluck, became one of the most divisive figure in Thai political history. Two years after the 2006 coup, he left Thailand after being convicted on corruption charges. But he denied all of the accused. Yingluck Critics worry, he will only do orders his brother. However Yingluck denied the possibility.

But before Yingluck even give a victory speech, Mr Thaksin has launched a commentary from exile in Dubai. "Well, I'll tell them that I really want to go back, but I'll wait for the right moment and situation," Thaksin told reporters.

Meanwhile, the U.S. congratulated Thailand for elections so far held securely. "We congratulate the people of the Kingdom of Thailand, long time friend and our ally, for their participation in parliamentary elections on July 3," a spokesman for the U.S. State Department, Victoria Nuland, in a statement.